Entities linked to stadium project ‘set up for community and charitable ends’, directors say

The directors of Gibraltar Community Initiatives Limited, the parent of Community Supplies and Services Limited, issued a statement on Tuesday to address what they described as “confused and misguided” comments on social media and by some political parties in respect of their function.

“Neither Gibraltar Community Initiatives Limited nor Community Supplies and Services Limited are opaque companies,” the statement said.

Gibraltar Community Initiatives Limited is a charity registered with the Charity Commission under the provisions of the Charities Act.

According to the statement, the structure of Gibraltar Community Initiatives Limited is “similar to that of Gibraltar Community Care Limited which has been in existence for over 30 years and has been accepted as a straightforward and well-regulated charity which has been proved for the benefit of Gibraltar”.

“Neither Gibraltar Community Initiatives Limited nor Community Supplies and Services Limited are entities hiding behind lawyers,” the statement added.

“They are entities which have two lawyers as directors to ensure that the charitable purposes of the entities are properly adhered to and, at all times, contract individuals and entities with the appropriate professional expertise.”

“The objects of Gibraltar Community Initiatives Limited are to advance and assist any programme, cause or arrangement which would benefit the Gibraltarian community at any level, such as the human, social, economic, educational and medical and which would constitute a charitable object under the laws of Gibraltar.”

“Furthermore, the directors may not employ the income of Gibraltar Community Initiatives Limited for any other purpose than in furtherance of the above-mentioned objects and to reinvest the income in such investments as are carried out by Community Supplies and Services Limited.”

“Gibraltar Community Initiatives Limited’s statutory documents do not provide for a mechanism by which it can distribute profits or donations to its members or anyone else.”

“The profits are retained within the entities and utilised to benefit the community and charitable causes.”

The directors of the two entities are Haim Levy and Anthony Provasoli, according to filings at Companies House.